|
, y �.
<br />rsi
<br />; � ; � � - . „ * • y , , � , DEED OF TRUST 2 012 U 3 � � � Page 5
<br />(Continued)
<br />Trustor's property, any assignment for the benefit of creditors, any type of creditor workout, or the
<br />commencement of any proceeding under any bankruptcy or insolvency laws by or against Trustor.
<br />Credkor or Forfelture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial
<br />proceeding, self-help, repossession or any, other method, by any creditor of Trustor or by any governmental agency
<br />against any property securing the Indebtedness. This includes a garnishment of any of Trustor's accounts,
<br />including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good fiaith
<br />dispute by Trustor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture
<br />proceeding and if Trustor gives Lender written notice of the creditor or forfeiture proceeding and deposits with
<br />Lender monies or a surety bond for the creditor or forfeiture praceeding, in an amount determined by Lender, in its
<br />sole discretion, as being an adequate reserve or bond for the dispute.
<br />Breach of Other Agreement. Any breach by Trustor under the terms of any other agreement betwean Trustor and
<br />Lender that is not remedied within any grace period provided therein, including without limitation any egreement
<br />concerning any indebtedness or other obligation of Trustor to Lender, whether existing now or later.
<br />Events Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety,
<br />or accommodation party of any of the fndebtedness or any guarantor, endorser, surety, or accommodation party
<br />; ��le��s„o�, �ecorhes -,incprnpeient, �or reycsk�� or d�spytes the velidity, of, or liebility under, eny Guaranty of the
<br />Indebtedness. , • - ,
<br />�o � .. • -
<br />Adverse Change. A material edverse change occurs in Trustor's financial condition, or Lender believes the
<br />prospect of payment or performance of the Indebtedness is impaired.
<br />Insecurity. Lender in good faith believes itself insecure.
<br />Existing Indebtedness. The payment of any installment of principal or any interest on the Existing Indebtedness is
<br />not made within the time required by the promissory note evidencing such indebtedness, or a default occurs under
<br />the instrument securing such indebtedness and is not cured 'during any applicable grace, period in such instrument,
<br />or any suit or other action is commenced to foreclose any existing lien on the Property.
<br />Rlght to Cure. If any default, other than a default in payment is curable and if Trustor has not been given a notice
<br />of a breach of the same provision of this Deed of Trust within the preceding twelve (12) months, it may.be cured if
<br />Trustor, after Lender sends written notice to Trustor demanding cure of such default: (1) cures the default within
<br />twenty (20) days; or (2) if the cure requires more than twenty (20) days, immediately initiates steps which
<br />Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
<br />completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
<br />RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Deed of Trust, at any time thereafter,
<br />Trustee or Lender may exercise any one or more of the following rights and remedies:
<br />��
<br />Accelerat9on Upon Default; AddFttonal Remedles. If any Event of Default occurs es per the terms of the Note
<br />secured hereby, Lender may declare all Indebtedness secured by this Deed of Trust to be due and payable and
<br />the same shall thereupon become due and paya6le without any presentment, demand, protest or notice of any
<br />kind. Thereafter, Lender may:
<br />(a) Either in person or by agent, with or without bringing any action or proceeding, or by a receiver
<br />appointed by a court and without regard to the adequacy of its security, enter upon and take possession
<br />of the Property, or any part thereof, in its own name or in the name of Trustee,. and do any acts which it
<br />deems necessery or desireble to preserve the value, marketability or rentability of thq Property, or part of
<br />the Property or interest in the Property; increase the income from the Property or protect the security of
<br />��' .;. °:tFie• Pre�pettg�i`: an�iy���v�ri�h` ar •Withot� taking� pQSSesaion of tM� FrQpsrf-y;"s�YB' fbi�='o�"bfltt'�hwi��' c`ofl�ct the
<br />rents, issues and profits of the Property, including those past due and unpaid, and apply the same, less
<br />.. ,�:; �oste; and �exp�nses ofi operation tltisi �Ilection attovh�ys' faes, to any indebtedness si�cured by this Deed
<br />of Trust, all in such order as Lender may 'determine. The entering upon and taking �possession� of the
<br />Property, the collection of such rents, issues and profits, and the application thereof shall not cure or
<br />waive any default or notice of default under this Deed of Trust or invalidate any act done in response to
<br />such default or pursuant to such notice of default; and, notwithstanding the continuance in possession of
<br />the Property or the collection, receipt and application of rents, issues or profits, Trustee or Lender shall
<br />be entitled to exercise every right provided for in the Note or the Related Documents or by law upon the
<br />occurrence of any event of default, including the right to exercise the power of sale;
<br />(b) Commence an action to foreclose this Deed of Trust as a mortgage, appoint a receiver or specifically
<br />enforce any of the covenants hereof; and
<br />(c) Deliver to Trustee a written declaration of default and demand for sale end a written notice of default
<br />and election to cause Trustor's interest in the Properry to be sold, which notice Trustee shall cause to be
<br />duly filed for record in the eppropriate offices of the County in which #he Property is located; and
<br />(d) With respect to all or any part of the Personal Property, Lender shall have ail the rights and remedies
<br />of a secured party under the Nebraska Uniform Commercial Code.
<br />Foreclosure by Power of Sale. If Lender elects to foreclose by exercise of the Power of Sale herein contained,
<br />Lender shall notify Trustee and shall deposit with Trustee this Deed of Trust and the Note and such receipts
<br />and evidence of expenditures made and secured by this Deed of Trust as Trustee may require.
<br />(a) Upon receipt of such notice from Lender, Trustee shall cause to be recorded, published and delivered
<br />to Trustor such Notice of Default and Notice of Sale.as then required by law and by this Deed of Trust.
<br />Trustee shatl, without demand on Trustor, after such time as may then be required by.law antl after
<br />recordation of such Notice of Default and after Notice of Sale having been given as required by law, sell
<br />the Property at the time and place of sale fixed by it in such Notice df Sale, either as a whole, or in
<br />separate lots or parcels or items as Trustee shall deem expedient, and in such order as it may determine,
<br />at public auction to the highest bidder #or cash ih lawful money of the United States payable at the time
<br />of sale. Trustee shall deliver to such purcheser or purchasers thereof its good and sufficient deed or
<br />_ dQeds canvQying the prqperty so sold,_but with.out any,covenant or werranty, express or implied. The
<br />� recitals in such deed ot eny matters or facts shall be conclusive proof of the truthfulness thereof. Any
<br />person, including without limitation Trustor, Trustee, or Lender, may purchase at such sele..
<br />(b) As rnay be permltted by law, after deducting all costs, fees and expenses of Trustee and of this
<br />Trust, including costs of evidence of title in connection with sale, Trustee shall apply the proceeds of sele
<br />to payment of (i) all sums expended under the terms of this Deed of Trust or under the terms of the Note
<br />not then repaid, including but not limited to accrued interest and late charges, (ii) all other sums then
<br />secured hereby, and (iii) the remainder, if any, to the person or persons legally entitled thereto.
<br />(c) Trustee may in the manner provided by lew postpone sale of all or any,portion of the Property.
<br />Remediea Not Excluslve. Trustee and Lender, and each of them, shall be entitled to enforce payment and
<br />performance of any indebtedness or obligations secured by this Deed of Trust and to exercise all rights and powers
<br />under this Deed of Trust, under the Note, under any of the Related Documents, or under any,other agreement or
<br />any laws now or hereafter in force; notwithstanding, some or all of such indebtedness and obligations secured by
<br />
|